Transaction expected to close by end of February 2020
Muthoot Finance entered into a definitive agreement to acquire IDBI Asset Management and IDBI MF Trustee Company paving way for Muthoot Finance's entry into Mutual Fund Asset Management space.Transaction is expected to be completed by end of February 2020 subject to receipt of necessary regulatory approvals. Upon closing, both IDBI AMC and IDBI MF Trustee Company will become wholly owned subsidiary companies of Muthoot Finance.
Muthoot Finance will purchase 100% equity shares of IDBI Asset Management and IDBI MF Trustee Company held by the Sellers for a total consideration of Rs. 215 crore.
Transaction is subject to receipt of approval from the regulators including Securities and Exchange Board of India.
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